Bitcoin miner Core Scientific failed to win approval for a merger with AI infrastructure company CoreWeave during a shareholders meeting on Thursday.
The final results of the preliminary vote will be disclosed in a Securities and Exchange Commission (SEC) filing on Friday, according to Core Scientific’s announcement.
CoreWeave finalized the $9 billion acquisition in July, subject to shareholder approval, in which Core Scientific shareholders would receive 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share they own.
Shares of Core Scientific fell by over 5% on Thursday following news of the shareholder vote. Cointelegraph reached out to the company but was not able to obtain a response by the time of publication.
The deal has been on investors’ radar for over a year and has impacted the share prices of both companies, and also shows the growing ties between the Bitcoin mining industry and the artificial intelligence sector.
Related: CleanSpark shares soar as Bitcoin miner announces AI expansion
Shareholders’ resistance to the deal
CoreWeave renewed talks to acquire Core Scientific in June, sending its share price soaring by over 23% in a single trading session.
In June 2024, Core Scientific rejected a CoreWeave’s buyout offer valuing the company at about $1 billion, or $5.75 per share at the time, saying it “significantly” undervalued the company.
Since resuming negotiations with CoreWeave, the miner’s stock has more than tripled from its April 2025 low, rising from $6.20 to about $20.90 at the time of writing.
Meanwhile, shares of CoreWeave have taken a different path following news of the proposed deal, falling from about $163 to a low of about $100 by the end of July.
Some Core Scientific shareholders signaled opposition to the buyout offer after the deal was finalized in July, including Two Seas Capital, the company’s largest active shareholder, citing disagreements with the deal’s valuation.
“The proposed sale materially undervalues the company and unnecessarily exposes its shareholders to substantial economic risk,” Two Seas Capital wrote in August.
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